The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-10-13
MEN OF MONEY.
The Bankers Convene in Pittsburg.
Annual Session of tho American
Association.
Financial Wisdom from the Great
Lights OF Finance.
Suggestions Made for tho Salvation
of tho Country.
Tho Treasurer's Report Shows the AS
sociation Has Money on Hand
---Yestorday's Speech
mnkers

PlrrsRuRG, Pa, Oct l2-rhc annual mcc
ing of the American bankers association
commepccd at the Grand opcm-housc this
morning The building which had been but
recently opened, presented u beautiful ap-
pcarancc, the pottcd plants which were dis
played in the handsome entrance and ON the
stage adding 10 aud not dctraoting from the
decorations Of the auditorium, When the
meeting was called TO order at 1890 o'clock
some 200 representatives of the leading
financial institutions Of the country were
present, while the seats set apart for spec
ta,ors were well filled, quite n large number
Of the audience being ladies,
After Chairman Logan G. Murray, Of New
York, had called the association 10 order the
Right Rev. Courtlandt Whitehead Episcopal
bishop of the diocese ul pittsburg, invoked
divine blessing on the proceedings of the ns-
sociation after which the Hon. Daniel Ag.
new cN-chicf justice oi the supreme court of
Pennsylvania, made the addrcss Of welcome.
In opening lac referred Ia the fcatrucs Of
historic interest which clustered around
pittshurg and gave some personal rcmin-
isccnccs when rittsburg embraced an area of
u
city Of over 10000 inhabitants, consisted OF
not mor than dozen houses. lie then
brnnchcd out ON the wonderful strides which
rttsburg aud vicinity have made in the way
Of manufactures, IN the development uf ma
tcrial resources and tn the inn
mcnsc capital which has been in
vested. In the territory contrihutnry Ia
rittshurg, In the item Of coal, over b,OOh,Un
bushels have been mined during the past
4 Al
OOOOOO0O tons. The natural supply Is
drawn irom an area of 2lO,0DO acres, from
which 6OO million cubic feet nW drawn
daily The total capital invested in the pro-
ductiOn and supply Of natural gas i Csti-
mated at S21, ,O1,OOO, and the net profit is 10
per cent.
The glass product Is $4,000 feet per month,
and over si,uc0Un is invested Ia the manu-
incturc oi plate glass alone. Reference was
also made 10 the commerce of the city, the
tonnage Of which exceeds the largest seaport
cities. lie also referred to the fact that the
imports Yi littsburg exceeded ohesiXth of
I 'tht entire imports VI the country.
In ntoncluding, lio claimed that Pittsbur.;
! aud Allegheny are the largest freight pro.
duclng districts la the United States two
ypiJls alone furnishing larger tonnage than
2fho entire cotton crop Of the United States.
| The statements ~ tie speaker were fortified
dustrlcs.
At the conclusion of judge Agnew's re-
marks Logan e.. Murray, president of i'n
association, delivered his annual address.
This was followed by the reading ~ the re-
ports II the officers. The sccrctAry's report
showed gratifying increase IN membership,
especially in the south and west Last year
the total membership was l,i02 while this
year IL u l,GS2. The increase would have
been larger but for certain monetary qucs-
tions which caused some to withhold their
influence A reaction had set In, however,
and II was the general opinion that the out
look was exceedingly bright. The influence
~ the association was steadily increasing.
During the year SiOoO had been spent in
prosecuting n number of tho most dangerous
iorgcrs aud criminals IN the country.
The treasurer's report was nA follows Hal
ancc on hand last year, " ,h1l 81; receipts
from subscriptions, tiS i2J 10 Total receipts
to October |, 1887, tll,7ls Os disbursements,
sl3, sos 80 balance, $50 10.
A committee Of five was then appointed to
suggest nominations Tor officers for the en-.
siing year. Pending their report, John J.
KnoI, er-controller of the United States
treasury, delivered an address on the surplus
Of the public debt
In the afternoon the delegates were slow IN
arriving and IL was after 3 o'clock before
order. The SECRETARY then read number ~
Invitations from Pitisburg manufacturers to
tho-dclcgntcs to visit various industries. 4
letter was also read requesting the Ohio del
cgates tO meet this evening for the purpose
II forming a State bankers association.
The Hon Bcriah wilkins, of Ohio, then de-
| livcred an address on "IIow to Avoid the
Accumulation ~ surplus In the future" lie
snid the question could no longer be put
aside aud that prompt, thorough and heroic
measures must bo adopted by the fiitioth
Csngrcss, which assemblies In December next
After citing various plans that had been
suggested, including the distribution II the
| furplus nnono the States aud appropriations
sor great public works he snid IL must be
done largely by reduction Ia customs du-
| ties lie thought that the association, rcprc-
senting ~ II does the aggregated ca piinl ~
| the country, could do no wiser thing Than Ia
pass a resolution demanding ~ Congress the
repeal Of surplus taxation, 90 the end that
the surplus In the treasury night be- avoided.
/ Repeal the tax ON tobacco, reduce duties On
sugar, rice, salt, lumber. common cloth,
/ glass aud certain kinds of iron products A
/ large proportion Of the tar on the circulation
Of national banks could we'll be- rcmittcd,
| also. lie closed by stating that relief could
/ come In no other way than by u reduction Ia
revenues and taxation.
Mr.. w. T.. s. John, president ~ the Mcr
/ camille national bank " New York, then fol
/ lowed with paper ON Possible
Emergencies In the Money Market lie
Offered q few suggestions for Congress Ia
/ lcgislating upon the utiiinns of providing
/ for q Redistribution ~ national bank cur
rcncy, aud providing for the equitable re-
| dcmption of iigit weight silver coins Oi the
| United states. After dctcHbing the bcno-
| fetal effects Of uie passage ~ the bills which
| lac proposol the SPEAKER discussed the qucs-
/ tion nj length. Said hc Under the pres
/ cnt treasury habit the only public moneys
/ received by national banks ns designated de-
| posit0n are the deposits made directly into
| the banks by revenue collectors. Under
| this proceeding there " no induccmcnt Ia q
| national bank now 10 seek designation, nor
would there be IN ease of emergency. Sup
| pose d bank 10 purchase government bonds
/ Ia the required security 90 the amount Of,
I say. 100000 then the accumulation Of
money, under the deposits Of the particular
| revenue collector instructed 90 deposit with
| that bank, will be 10 slow ~ 10
make an important loss Of interest 10
| the hank up0n the money Invested
| In the bonds. And, again, because Of the
appointed method Of paying over surplus
MONEYS by the repositories into the treasury
| there mny be- at any time q momentary sum
| In the banks hands beyond the appointed
/ total sum authorized 10 remain Ia the de.
pository; therefore 10 cover the point oi